What Is a 50-Year Mortgage?

Let’s turn the clock back 50 years. A gallon of gas cost about 57 cents. Led Zeppelin, Elton John and the Eagles ruled the charts. And talking on the phone? Let’s just say mobile meant having a really long cord.

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Now, imagine paying for the same house since then. That’s the deal when it comes to a 50-year mortgage. And while it’s extremely rare right now (spoiler: because it’s absurd), it could soon become a lot more common.

Let’s take a closer—and brutally honest—look at the 50-year mortgage. Then if someone tries to sweet-talk you with “affordable payments,” you’ll know exactly what you’d be getting into.

What is President Trump saying about the 50-year mortgage?

All right, before we hop into everything you need to know about the 50-year mortgage, let’s call out the political elephant in the room:

On Saturday, November 8, 2025, President Trump posted on Truth Social hinting at a new idea to “fix” the “housing affordability crisis,” and that idea is—you guessed it—the 50-year mortgage.

In his post, the president compared himself to former President Franklin D. Roosevelt, whose administration oversaw the initial standardization of the fixed-rate mortgage during the Great Depression.  

Later that day, Federal Housing Finance Agency Director Bill Pulte—who oversees both Fannie Mae and Freddie Mac—backed the idea, saying they’re working on it and calling it “a complete game changer.”¹

For added context, the 50-year mortgage is not yet recognized federally as a Qualified Mortgage (QM)—which basically provides certain protections for investors if a mortgage loan goes bad. If the idea eventually makes it past Congress, the mortgage term could receive QM protections and could become a lot more common.

Trump would later tell Fox News that the 50-year mortgage isn’t “even a big deal” and that “. . . all it means is you pay less per month. You pay it over a longer period of time. It’s not like a big factor. It might help a little bit.”²

Now, does that make the 50-year mortgage a good idea for you? Is it really not that big a deal—or does it just kick the can down the road? Well, (another spoiler here) being in debt for half a century usually doesn’t end well.

What is a 50-year mortgage?

If you couldn’t already tell, we think the 50-year mortgage is a hard pass. And if you’re considering using it as a shortcut to homeownership, it might be time for a reality check.

A 50-year mortgage is a very long, very slow form of paying off your house. It first arrived in southern California, where houses were getting expensive and people were looking for creative ways to lower their monthly mortgage payments.  

How does the 50-year mortgage work?

Like its cousins the 15- and 30-year mortgages, the 50-year mortgage is a fixed-rate mortgage, meaning the interest rate stays the same for the (long) life of the loan. You’ll pay both principal and interest every month, and . . . if you’re still alive at the end of your 50-year loan period, you’ll officially be a homeowner. 

Why would anyone choose a 50-year mortgage?

A 50-year mortgage might sound like a good deal at first. But don’t let the short-term wins cloud your judgment—there’s really no good reason to put yourself into debt for that much time!

But people do it, and they usually do it for one of these three reasons:

 

1. You have low monthly payments. 

The most common reason people lock themselves into a 50-year mortgage is to reduce their monthly payments. The idea is to spread the mortgage over a longer period of time (600 freaking months!) so you can pay less each month than you would with a shorter-term loan. 

2. You can buy a bigger house . . . but it’s more than you can actually afford. 

Be honest with yourself here. If you have to take out a 50-year mortgage to lower your monthly payments, you’re definitely trying to borrow more than you should. The interest rate is also significantly high, so you’re paying a fortune in interest alone. You need to take a look at how much house you can really afford and reconsider your mortgage options.

3. You can start building equity and refinance later.

Some people want to buy a house, but they aren’t in good enough financial shape to qualify for a 15-year conventional loan. So they sign up for a 50-year mortgage and hope their circumstances will change. 

Maybe they think they’ll get a promotion and refinance the home later or they’ll build equity and sell the house when the market is hotter. They plan to make small payments now, then one large payment later. 

Folks—this is broke people’s logic! It’s a bet. And you’re not just gambling with your money here—you’re betting on your future. Think about it: If lenders are willing to take you up on that bet, it’s because they’re confident they’ll win.

If you can’t afford a house now, you should rent. Period. It’s not a waste of money. It’s a chance for you to pay off your debt, save for a strong down payment, and get financially ready for a better mortgage. Read on to learn why a 50-year mortgage is such a bad investment.

How much are you really paying for a 50-year mortgage?

Sure, when you take out a 50-year mortgage, your monthly payments will be lower. But you’re extending your mortgage over a longer period of time, so you’re going to pay way more in interest. 

How much more? 

Let’s say you take out a 50-year mortgage for $200,000 at 7% interest. Your monthly payment would be about $1,203 (just principal and interest). By the end of the loan, you’d have paid over $500,000 in interest—more than double your original loan amount!

Now, let’s say you take out that same $200,000 at 5.5% interest on a 15-year fixed-rate mortgage. Your monthly payment would be around $1,634, and your total interest paid would be about $94,000.

That’s right—a 50-year mortgage would cost you over $400,000 more in interest than the 15-year mortgage. That’s not just another house—that’s another lifetime of payments.

Loan Type	Loan Amount	Interest Rate	Monthly Payment	Total Interest Paid	Total Cost of Loan
50-Year Mortgage	$200,000	7%	$1,203	$522,026	$722,026
15-Year Mortgage	$200,000	5.5%	$1,634	$94,150	$294,150

And that’s keeping things conservative. Here’s George Kamel, co-host of The Ramsey Show and Smart Money Happy Hour, explaining how you could end up paying over a million bucks in interest alone.

What are the drawbacks of a 50-year mortgage?

There are hundreds of reasons not to put yourself in debt for 50 years. But for the sake of time, let’s just go over four. 

1. You’re paying back a loan for 50 years.

It’s 50 years, people. Fifty years! Again, that’s 600 months! Do you really want your grandchildren to pay off their mortgages before you finish paying yours? Serious question here. Because there’s a very real chance you’ll send in your last mortgage payment in your 80s. Sheesh.

And here’s a sobering fact: The average life-span in America is 78.4 years.³ Just something to think about before you sign that dotted line.

2. As mentioned, you end up paying a lot more in interest. 

In exchange for more time to pay off your loan, lenders will charge you a higher interest rate. Combine that interest rate (and your borrowing fees) with 50 years and—ta-da!—you have one very expensive loan.

3. You build equity slowly . . . too slowly. 

People sometimes take out a 50-year mortgage because they want to start building equity. But what most folks don’t realize is that because they’re making smaller monthly payments, they’re actually building equity at a rate that’s slower than molasses.  

4. You won’t really own a house for 50 years!

It’s worth repeating, but we’re talking about half a century of debt! Need we say more? It’s going to take you longer to own your home outright compared to someone with a shorter-term mortgage. You’ll be stuck in an interest cycle that steals away cash from other parts of your future.

What kind of mortgage should you really get?

First off, let’s make something clear—the sooner you can pay off your mortgage, the sooner you can feel the weight of the loan lifted, free your budget, and officially own your home! 

We believe everyone can have this kind of freedom, which is why we only recommend the best mortgage option out there: the 15-year fixed-rate conventional mortgage. You’ll save thousands in interest, and you’ll get out of debt faster. 

You don’t have to put yourself in debt for 50 years just to own a house! You can get a home the right way—by getting out of debt now, building an emergency fund of 3–6 months of expenses, and ideally making a 20% down payment to avoid mortgage insurance (if you’re a first-time buyer, 5–10% is okay). With this financial foundation in place, you’ll be ready to take out a mortgage with a monthly payment that’s no more than 25% of your take-home pay. 

If you want to get a mortgage the right way, talk to a mortgage professional you can trust. Check out Churchill Mortgage. They’ve helped thousands of people just like you finance their homes without using a 50-year mortgage. Churchill takes pride in educating first-time home buyers and helps them make wise decisions about the biggest purchase they’ll ever make.